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Digital asset brokerage Fasset has secured a Virtual Asset Service Provider (VASP) license from Dubai VARA, coinciding with a strategic investment from Investcorp. This achievement highlights the growing institutional interest in blockchain technology in the region. Fasset aims to empower emerging markets by facilitating access to digital assets and plans to launch its service in January 2024, following a successful beta launch next month.
Fasset secures VASP license in Dubai amid growing interest in blockchain
faceta famous digital asset brokerage, has acquired a Virtual Asset Service Provider (VASP) license. Virtual Asset Regulatory Authority (VARA) In Dubai, UAE. The timing of this milestone coincides with: Investcorp’s We have made a strategic investment in Fasset as the company prepares for its impending Series B funding round. These developments highlight the burgeoning institutional interest in blockchain technology in the region.
Fasset is focused on creating compliant remittance routes by securing licenses and approvals to operate from the European Union to Southeast Asia. Fasset is now fully licensed to conduct virtual asset brokerage services in Dubai, allowing the UAE-based company to connect one of the world’s most profitable and active remittance routes through emerging markets across the Middle East and Asia. It has come to be.
This license follows the launch of Fasset in Indonesia last August. Fasset has partnered with Mastercard Indonesia and telecom giant Indosat Ooredoo Hutchison to bring its super app to millions, allowing users in emerging markets to invest in digital assets with real value.
Headquartered in the UAE and Indonesia, Fasset is a leading digital asset investment platform for emerging markets. Through its innovative super apps, the company is on a mission to expand economic opportunity to the next billion by facilitating the buying, selling, transferring, storing and leveraging of digital assets, including cryptocurrencies such as Bitcoin, Ethereum and real-world assets. . token. By providing seamless access to digital assets, Fasset empowers individuals in frontier markets with the knowledge and tools to create a brighter financial future.
What sets Fasset apart is its unwavering commitment to practical, real-world use cases enabled by blockchain technology. The platform prioritizes safe and stable cryptocurrencies, including major blockchain native assets such as Bitcoin and Ethereum, tokenized commodities, precious metals, and even tokenized fiat currencies such as stablecoins.
To further improve accessibility, Fasset works closely with a variety of corporate entities, including telcos, digital banks, wallet providers, asset managers, fintech companies and asset managers. With its groundbreaking “Fasset Connect” solution, the company positions itself as a catalyst for digital transformation across the industry and a faster means of acquiring new users.
Mohammad Raafi Hossain, CEO of Fasset, welcomes the approval of VARA and highlights its pivotal role in empowering individuals in emerging markets.
Raafi noted that VARA’s license strengthens Fasset’s global licensing portfolio by connecting regions such as Indonesia, Malaysia, Bangladesh, Pakistan and Turkey.
According to Raafi, Fasset users can now confidently move assets from the GCC to Asia, enabling sustainable and ethical wealth growth in one of the world’s busiest remittance routes.
Fasset’s active engagement with regulators has been a key pillar of its strategy. Prior to its founding in 2019, the founding team worked within the UAE Prime Minister’s Office, focusing on regulating emerging technologies and starting discussions on cryptocurrency regulation. Recognizing the importance of a compliant and collaborative framework has paved the way for innovation in the UAE.
An operating permit granted by VARA represents the final step in the agency’s approval process. This license authorizes Fasset to provide virtual asset broker-dealer services to both retail and institutional investors within and outside Dubai, serving a global client base.
As part of its roadmap, Fasset plans to launch a beta version next month and launch the service to customers in January 2024. This is a pivotal moment for Fasset as we continue to drive blockchain adoption, financial inclusion and innovation in the Middle East. after. With the support of regulatory approvals from Investcorp and VARA, Fasset is well positioned to play a key role in shaping the future of digital finance in the region.
Also Read: Fasset’s Super App Transforming Digital Asset Investing in Emerging Markets